WGU C713 Study Guide (V.3) Unit 5 exam questions and answers 2024

What is the restatement of contracts? Detailed Analyses of the decided cases in the field. the restatements declare the law as the courts have determined it to be. What is the Uniform Commercial Code? A large collection of legal rules regarding many important businesses or commercial activities. What are the Elements of a legal contract? 1. the parties reached an agreement. 2. consideration was present. 3. the agreement was legal. 4. the parties entered into the contract with capacity to make a contract. 5. The agreement is in the proper form. How would you describe the mirror image rule? the acceptance must match the offer in all its particulars or the offer is rejected What is 'consideration'? Consideration is the quid pro quo between the contracting parties in the absence of which the law will not enforce the promise or promises made How would you describe promissory Estoppel? Simply stated, promissory estoppel means that the courts will stop the promisor from claiming that there was no consideration. What does it mean to lack the capacity to enter into a contract? Not mentally sound, under age. How can a contract be discharged? by performance, by agreement, and by operation of law. How would you describe the difference between a void contract and a voidable contract? void: when a contract is unenforceable by law. Voidable: these contracts are valid agreements, but one or both of the parties to the contract can void the contract at anytime. What is the statute of frauds? The purpose of the Statute of Frauds is to prevent the fraud that occurs when one party attempts to impose upon another a contract that did not in fact exist. What is the difference between a unilateral contract and a bilateral contract? Bilateral: a reciprocal arrangement between two parties by which each promises to perform an act in exchange for the other parties act. Unilateral: only one party makes a promise, are equally valid but depend on performance of the promise to be binding What is the difference between an express contract and an implied contract? An express contract is one in which the terms are spelled out directly; the parties to an express contract, whether the contract is written or oral, are conscious that they are making an enforceable agreement. An implied contract is one that is inferred from the actions of the parties. How would you describe a Quasi contract? is an obligation said to be "imposed by law" in order to avoid unjust enrichment of one person at the expense of another. What are Compensatory damages? Money paid to compensate the non-breaching party for the loss suffered as a result of the breach. What are consequential damages? damages claimed and/or awarded in a lawsuit which were caused as a direct foreseeable result of wrongdoing. What is the difference between nominal damages and incidental damages? nominal: a small amount of money awarded to a plaintiff in a lawsuit to show the plaintiff was right, but suffered no substantial harm. Incidental: reasonable expenses incurred by one party to a contract as a result of the other parties breach of the contract. What are Punitive damages? are those awarded for the purpose of punishing a defendant in a civil action. Uses money as a punishment. What is specific performance? is a judicial order to the promisor that he or she undertake the performance to which the promisor was obligated in a contract. What is restitution? the restoration of something lost or stolen to its proper owner How wold you describe the 'fitness for a particular purpose' Warranty? an implied warranty of fitness may arise when a buyer requests something for a particular purpose and the seller then supplies a product for that purpose.;. what is a warranty? guarantees that apply to consumer products What is an express warranty? created whenever the seller affirms that the product will perform in a certain manner What is an implied warranty of merchantability? an unwritten and unspoken guarantee to the buyer that goods purchased conform to ordinary standards of care and that they are of the same average grade, quality and value as similar goods sold under similar circumstances.